Gold trims gains after 3-day rally

08:35, May 28, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange ended slightly lower on Thursday, as the strength in euro eroded the demand of gold as a hedge against the spreading sovereignty debt crisis. Silver and platinum both posted gains.

The most active gold contract for August delivery dropped 0.9 U. S. dollars, to finish at 1,214.4 dollars; the price touched 1,220. 60 dollars earlier in the session, which is the highest level since May 19.

Euro reversed from a 3-day decline against U.S. dollar on Thursday as China's foreign exchange regulator said Thursday Europe will remain one of its key investment markets, refuting a report saying China is reviewing its holdings of European bonds as "groundless".

Meanwhile, Spanish government got approval Thursday for an additional budget of 15 billion euros this year and next in a key parliamentary vote, which has also helped assuage investor's anxiety and boosted hopes that the eurozone debt crisis may not escalate.

As investor risk aversion ebbed, U.S. stock markets rose broadly, safe-haven assets like gold and U.S. dollar suffered loss, as some investors switched and invested in risky investment.

But gold held quite firm on Thursday, supported by the buying interest on persistent fears that eurozone debt crisis may imperil the global economy's fragile recovery from the recession, as well as the fresh investment demand for the precious metal sparked by the slightly disappointing U.S. economic data released today.

July silver was up 16.2 cents, or 0.9 percent, to settle at 18. 468 dollars per ounce. July platinum rose 22.6 dollars, or 1.5 percent, to close at 1,552.9 dollars an ounce.

Source:Xinhua

(Editor:黄蓓蓓)

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